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By tradinglounge · Posted
British Pound/Australian Dollar (GBPAUD) Day Chart Analysis Elliott Wave Technical Analysis for GBPAUD: Trend: Bearish Mode: Impulsive Structure: Navy blue wave 3 Next Lower Degree: Navy blue wave 3 (in progress) Analysis Summary: The GBPAUD Elliott Wave analysis for the day chart reveals a bearish trend, indicating that the market is currently in an impulsive phase. This suggests a continuation of the downward price movement in line with the prevailing trend. The current structure being analyzed is navy blue wave 3, which follows the completion of navy blue wave 2. Completion of Navy Blue Wave 2: The corrective phase of navy blue wave 2 has finished, and navy blue wave 3 has now commenced. This wave typically represents a strong, extended movement in the direction of the trend, which, in this case, is downward. Navy Blue Wave 3 Characteristics: In Elliott Wave theory, wave 3 often exhibits the highest momentum, leading to significant price declines. As navy blue wave 3 has just started, the British Pound is expected to continue weakening against the Australian Dollar. This wave is likely to show acceleration in the downward movement, reflecting increased bearish sentiment in the market. Wave Cancel Invalid Level: The wave invalidation level is set at 970.50. If the price rises above this level, the current wave count would be invalidated, prompting a reconsideration of the bearish outlook. As long as the price remains below this invalidation level, the bearish trend is expected to persist, with navy blue wave 3 continuing to drive the price lower. Key Takeaways: Trend: Bearish Structure in Play: Navy blue wave 3 Invalidation Level: 970.50 (price above this level cancels the current bearish wave count) Market Expectation: Continued downward movement unless the price breaks the invalidation level. In conclusion, the GBPAUD day chart points to a bearish trend with the impulsive navy blue wave 3 currently underway. The trend is expected to continue unless the price surpasses the invalidation level of 970.50. British Pound/Australian Dollar (GBPAUD) 4-Hour Chart Analysis Elliott Wave Technical Analysis for GBPAUD: Trend: Bearish Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Next Lower Degree: Orange wave 3 (in progress) Analysis Summary: The GBPAUD Elliott Wave analysis for the 4-hour chart points to a bearish trend, with the market currently in an impulsive phase. The structure being observed is orange wave 3, which started after the completion of orange wave 2. This implies that the corrective phase of orange wave 2 has concluded, and the market is now moving downward with the impulsive orange wave 3. Orange Wave 3 Characteristics: Orange wave 3 represents a strong and extended move in the direction of the bearish trend. In Elliott Wave theory, wave 3 typically exhibits the most prolonged and powerful movement, indicating that the British Pound may continue to weaken against the Australian Dollar. Navy Blue Wave 3 Support: This movement is part of a broader structure, with navy blue wave 3 also progressing. The alignment between orange wave 3 and navy blue wave 3 strengthens the bearish outlook, suggesting further downside momentum for the GBPAUD pair. Wave Cancel Invalid Level: The invalidation level for the current wave count is set at 970.50. If the price moves above this level, the bearish wave structure would be invalidated, possibly signaling a trend reversal. However, as long as the price remains below this point, the bearish trend in orange wave 3 is expected to continue. Key Takeaways: Trend: Bearish Structure in Play: Orange wave 3 Invalidation Level: 970.50 (above this level invalidates the current wave count) Market Expectation: Continued downward movement unless the price breaks the invalidation level. In conclusion, the GBPAUD 4-hour chart shows an ongoing bearish trend, with orange wave 3 in progress after the completion of orange wave 2. The downward trend is expected to persist unless the price breaks above the invalidation level of 970.50. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
ASX: BRAMBLES LIMITED – BXB Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BRAMBLES LIMITED - BXB. We see BXB could continue to push higher with a v-grey wave. ASX: BRAMBLES LIMITED - BXB 1D Chart (Semilog Scale) Analysis Function: Major trend (Minuette degree, orange) Mode: Motive Structure: Impulse Position: Wave v-grey of Wave (iii)-orange Details: Wave iv-just ended recently, and perhaps wave v-grey is unfolding and extending to push higher. It could target the high at 20.58 while price must remain above 17.99 to maintain this view. Invalidation point: 17.99 ASX: BRAMBLES LIMITED - BXB 4-Hour Chart Analysis Function: Major trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave ((3))-navy of Wave v-grey Details: Looking closer, the v-grey wave is extending, itself subdividing into ((1))-navy and ((2))-navy, both of which have already ended. Now the ((3))-navy wave seems to be unfolding to push higher, targeting the recent highs at 19.49 - 19.84. A push above these targets would see further upside, targeting 20.58. While price must remain above 17.99 to maintain this view. Invalidation point: 17.99 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: BRAMBLES LIMITED - BXB aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation) Source : Tradinglounge.com get trial here! -
By CryptoSaint · Posted
Ethereum's recent price movement indicates ongoing struggles as it battles significant resistance levels and a bearish sentiment in the market. Let’s break down the key points driving the current trend. Price Consolidation After a Dip Ethereum is currently trading at $2,293.03, reflecting a slight gain of +0.35%. After dipping below $2,320, ETH hit a low of $2,253 before attempting a recovery above $2,285. This recovery has taken ETH to the 23.6% Fibonacci retracement level, a key technical marker calculated from the high of $2,466 down to the low of $2,253. Resistance Levels Hold Strong Despite the bounce, Ethereum is still trading below the $2,310 mark and remains under the 100-hour Simple Moving Average (SMA), highlighting its ongoing challenges. Immediate resistance is forming at $2,300, making upward movement difficult. Stronger resistance sits around $2,340, with another major barrier at $2,360, aligning with the 50% Fibonacci retracement level of the recent decline. Key Technical Trendlines A bearish trendline is developing at the $2,360 resistance level, which is preventing any major breakout. If ETH manages to break above $2,360, we could see a potential surge towards $2,420 and possibly even $2,465. Read Ethereum price prediction Will $ETH Hit $5,000?: Bearish Funding Rates Raise Concerns ShayanBTC pointed out a troubling trend with Ethereum’s funding rates in perpetual futures, which are currently hitting new lows in 2024. Funding rates indicate the balance between long and short positions in futures markets. Rising rates show traders favoring long positions, while falling rates signal increased short-selling pressure. With funding rates declining, short sellers are dominating the market, betting on further price declines. Weak Buying Interest The 50-day moving average for Ethereum’s funding rates has been trending down for weeks, signaling deep bearish sentiment. There’s little interest from buyers, as fewer traders are willing to place purchase orders, adding to the downward pressure. Without renewed demand from perpetual futures, Ethereum may struggle to find support, and further declines could be on the horizon. What’s Next for Ethereum? For Ethereum to recover, the market needs a shift in demand, particularly in the futures market, signaling renewed interest in buying. Without this, Ethereum could continue to face downward pressure, with critical resistance levels preventing any significant price recovery. Ethereum is in a challenging phase, with significant resistance ahead and bearish sentiment driven by short-sellers. Keep an eye on key resistance levels and funding rate trends to gauge the next potential move
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Guest RJDemo
I've lost 6 of my 9 open positions today, they haven't hit my stops or are anywhere near. Where have they gone? Been a few issues with the demo account lately, doesn't fill me with much confidence for the live system when i'm ready to switch.
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